海伟电子通过港股上市聆讯：业绩持续波动，股东倒签股权转让协议

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. is preparing for an overseas listing on the Hong Kong Stock Exchange, having submitted its prospectus and received a registration notice from the China Securities Regulatory Commission for the issuance of up to 47,423,000 shares [1][3]. Group 1: Company Overview - Hebei Haiwei was established in September 2006 and has a registered capital of approximately RMB 120 million [5]. - The company is primarily engaged in the production of capacitor film products, including capacitor base films and metallized films, with applications in electric vehicles, new energy power systems, industrial equipment, and household appliances [3][5]. Group 2: Market Position and Growth - As of 2024, Hebei Haiwei is the second-largest manufacturer of capacitor films in China, with the capacitor base film market expected to grow at a compound annual growth rate (CAGR) of 19.7% from 46,200 tons in 2019 to 113,400 tons in 2024, and projected to reach 224,100 tons by 2029 [3]. - The company's revenue has shown an upward trend, with figures of approximately RMB 327 million in 2022, RMB 329 million in 2023, and an expected RMB 422 million in 2024 [5]. Group 3: Financial Performance - Revenue for 2022, 2023, 2024, and the first five months of 2025 was approximately RMB 327 million, RMB 330 million, RMB 422 million, and RMB 157 million, respectively, indicating a compound annual growth rate of 13.55% from 2022 to 2024 [3][4]. - Net profit figures were approximately RMB 102 million in 2022, RMB 69.8 million in 2023, RMB 86.4 million in 2024, and RMB 31.4 million in the first half of 2025, reflecting significant fluctuations in profitability [4]. Group 4: Challenges and Factors Affecting Performance - The decline in net profit in 2023 was attributed to increased raw material costs, expected credit losses, and rising administrative expenses due to employee benefits [4]. - The decrease in revenue in the first half of 2025 was primarily due to a significant drop in sales of metallized films, which saw a 40.83% decline compared to the same period in 2024 [4]. Group 5: Shareholding Structure and Financing - Major shareholders include Song Wenlan, who holds 49.32% directly, and other entities such as Haiwei Financial and Changrui Consulting, with a combined holding of 77.12% prior to the listing [7]. - In 2023, the company secured approximately RMB 290 million in financing from various investors, including BYD and other funds [6].